GCSE Business

What is business?

An organization or economic system where An organization or economic system where goods and services are exchanged for one another or for money.

What is a customer?

A person who buys goods or services from a shop or business.

What is a supplier?

Someone whose business is to supply a particular service or commodity.

What is a consumer?

A person who purchases goods and services for personal use.


What is market research?

The action or activity of gathering information about consumers' needs and preferences.

What is a primary research?

Primary research is any type of research that you go out and collect yourself.

Give some examples

Surveys, Interviews, Observations, and Ethnographic research.

What is a qualitative data?

Qualitative data is a categorical measurement expressed not in terms of numbers, but rather by means of a natural language description.

What is a quantative data?

Quantitative data is data that can be measured numerically. Things that can be measured precisely -- rather than through interpretation -- such as the number of attendees at an event, the temperature in a given location, or a person's height in inches can be considered quantitative data.

CHAPTER 3-Market Mapping

What is a market map?

A representation of categories of current or potential customers for a good or service based on demographics, geography and other factors.

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